Avestus to top €700m from London sales
Irish property investment firm Avestus Capital Partners looks set to gross more than €700m and a profit of about €90m from the sale of highly sought after London West End shops in the coming days.
Its latest sale will see its private clients share a gross profit of more than €30m from the sale of 27 Old Bond for around £50m (€58m). An associate of the Chanel fashion chain has bought the 1,020sqm block which is occupied by fashion chain DKNY and also includes a restaurant and offices.
Avestus, then known as Quinlan Private, bought it for around £21m before 2005 and the loan to value is believed to have been less than 50pc.
Avestus has also gone sale agreed on The Estate in Knightsbridge in London's West End, a block of shops covering 3.42 acres. The company refused to comment on either deals but there is speculation that it may gross around £580m (€650m) for the Knightsbridge property when the deal closes.
It acquired the estate in 2005 for £530m with the backing of Anglo-Irish Bank, along with developers Bernard McNamara and Paddy McKillen, Riverdance duo John McColgan and Moya Doherty, as well as the McCann family behind Fyffes.
The Irish investors bought the prime piece of real estate from BP Pension Fund in 2005 but it is not known how much was invested in improving some of the properties in the meantime.
The upmarket retail and office property stretches between Harvey Nichols and Harrods. While the sale has yet to be finalised, it is believed that the buyer is from the Middle East.
British magazine Property Week recently reported that Saudi Arabian investment group Olayan had teamed up with investment adviser Chelsfield to bid for the site.
This is Avestus' third major West End property deal in the last eight months as it sold Asprey jeweller store in Old Bond St for £73.5m (€87m) last September.